Republic Bank (Chicago) Adds 19-Month CD Special

About a week ago, a DA reader sent me a Chicago Tribune ad for a new limited-time CD Special offered by Republic Bank of Chicago (Republic Bank): a 19-month CD Special (1.80% APY). The minimum opening deposit is $1k of new money, with a $250k balance cap.

According to CSR, the Early Withdrawal Penalty is six months interest.

Thanks to the DA reader who let me know about this new product and to DA reader, miked, for his Forum post.

Availability

Headquartered in Oakbrook, Illinois, Republic Bank’s market area is the Chicago metropolitan area (Chicagoland), which has an estimated population of 9.4 million.

Bank Overview

Republic Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 17.93% (above average) based on March 31, 2017 data. In the past year, Republic Bank has increased its total non-brokered deposits by $16.38 million, an above average annual growth rate of 1.19%. Please refer to our financial overview of Republic Bank (FDIC Certificate # 19333) for more details.

Founded in 1964, Republic Bank of Chicago is currently Illinois’ 21st largest bank, with assets in excess of $1.8 billion. Between 1994 and 2015, Republic Bank acquired seven Chicago area banks, expanding its footprint in Chicagoland. As a stable and growing bank, it should not be confused with the former National Republic Bank of Chicago, which was taken over by the Dallas-based State Bank of Texas.

How the CD Special Compares

When compared to the 257 similar length-of-term CDs tracked by DepositAccounts.com that require a similar deposit and are available within the Bank’s market area, Republic Bank’s 19-month CD Special APY currently rank first.

The above rates are accurate as of 8/30/2017.

To look for the best CD rates, both nationwide and state specific, please refer to our CD rates table or our Rates Map page.

Republic Bank of Chicago is offering a special CD that it calls a 24-month Breakable CD. It has a 1.50% APY which is a very competitive rate for a 2-year term. The breakable feature allows the customer to break the CD anytime during the term. However, there’s a catch, and that is the customer won’t be allowed to just break the CD and withdraw the money from the bank. Instead the customer must move the money into another CD at the bank, and that CD must have a term of...

AztecAmerica Bank is offering two competitive deposit specials. One is the Max-Elite Money Market Account which has a 2.25% APY on balances of at least $25,000. The rate is guaranteed for 90 days. A checking account is required with a minimum initial deposit of $5,000. The money market rate without the checking is 2.00% APY. There's a $35/month fee if the money market balance falls below $25,000. This special is listed on the bank's front page as of 10/04/09.

Republic Bank is offering two CD specials. The most competitive is a 2.50% APY 16-month CD. The other one is less competitive with a 2.65% APY for 36 months. These are also available in an IRA. These rates are listed at the bank's rate table as of 6/07/09.

These special CDs have a no-penalty early withdrawal feature, but it has a serious limitation. The bank will permit withdrawal of the entire amount of the deposit if the depositor wishes to reinvest no less than the original principal amount in another CD,...

Republic Bank has a CD special with a yield of 4.44% APY and terms of either 13 or 25 months. New money is required.

It appears a branch visit is necessary to open an account. Branches are located in Chicago, Darien, Naperville, Orland, Oak Brook, Palos Park and Hodgkins.

Republic Bank's financial ratings for soundness are a little weak: 3.5 stars (good) at BauerFinancial and 2 stars (below peer group) at Bankrate.com. Both ratings are based on 6/30/08 data. The bank has been FDIC insured since 1964 (FDIC Certificate # 19333).

Republic Bank is offering a special 6.00% APY 11-month certificate of deposit called the Friends and Neighbors CD. The minimum deposit is $1,000. The 6% APY requires a new checking account with direct deposit AND online ebanking with 3 bill pays. An APY of 5.50% is available with only one of the above requirements. The bank does offer a free checking account.

The bank has 11 branches in the Chicago metropolitan area. The bank has been FDIC insured since 1964 (FDIC Certificate 19333).